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ST Engineering Posts Higher Year-On-Year Revenue and Profits for 1Q2019

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ST Engineering Posts Higher Year-On-Year Revenue and Profits for 1Q2019 ST Engineering Posts Higher Year-on-Year Revenue and Profits for 1Q2019 FINANCIAL HIGHLIGHTS For the first quarter ended 31 March 2019 2019 2018 Change 1Q 1Q % Revenue ($m) 1,731 1,647 5 Earnings before interest and tax (EBIT) 141.9 122.1 16 ($m) Other income, net ($m) 10.2 8.6 18 Finance costs, net ($m) (0.9) (2.2) 58 Profit before tax (PBT) ($m) 159.9 144.0 11 Profit attributable to shareholders 131.1 117.7 11 (Net Profit) ($m) Earnings per share (cents) 4.20 3.78 11 Order book of $14.1b at end March 2019, of which about $4.2b is expected to be delivered in the remaining months of 2019 Commercial sales and defence sales constituted 70% or $1.2b and 30% or $0.5b respectively Cash and cash equivalents of $0.6b N.B.: All currencies are in Singapore dollars Page 1 Singapore Technologies Engineering Ltd ST Engineering Hub, 1 Ang Mo Kio Electronics Park Road #07‐01, Singapore 567710 T: (65) 6722 1818 F: (65) 6720 2293 (Regn. No.: 199706274H) Singapore, 15 May 2019 - Singapore Technologies Engineering Ltd (ST Engineering) today reported that it achieved higher year-on-year (y-o-y) revenue and profits for its first quarter ended 31 March 2019 (1Q2019). Compared to a year ago, Group revenue increased 5% to $1.73b from $1.65b, and Profit before tax (PBT) of $159.9m was 11% higher from $144.0m and Profit attributable to shareholders (Net Profit) was $131.1m, up 11% from $117.7m. At the business sector level, revenue for the Aerospace sector increased 4% y-o-y to $622m from $599m, and Net Profit was up 6% y-o-y to $62.7m from $59.2m. Revenue for the Electronics sector was $563m, down 7% from its high base a year ago in 1Q2018 which was a strong quarter with 22% y-o-y growth. Notwithstanding the lower revenue, its Net Profit was up 8% y-o-y to $43.4m from $40.3m due to favourable sales mix. Revenue for the Land Systems sector was up 34% to $377m from $281m the year before, driven by broad-based growth across its business groups, and its Net Profit dropped 3% y-o-y to $15.2m from $15.6m mainly due to the absence of a favourable tax finalisation adjustment. The Marine sector’s revenue was flat at $149m and its Net Profit grew 38% y-o-y to $12.0m from $8.7m largely due to improved U.S. shipbuilding performance. “We had a good start to the year and our recent contract wins have increased our order book to a high of $14.1b. Our focus remains on strengthening our core businesses and pursuing growth in Smart City and in the international defence business. On the M&A front, we have agreed to acquire Newtec Groupi, which operates in the high-tech satellite communications industry driving connectivity. This acquisition is expected to complete in 2H2019, and when combined with our existing satellite communications businesses, will further enhance our value proposition for Smart City.” Vincent Chong, President & CEO, ST Engineering Revenue split between Commercial and Defence sales for 1Q2019 was 70%:30%. The Group ended the quarter with $0.6b cash and cash equivalents. Page 2 New Order Book Record and Contracts Wins in 1Q2019 As at 31 March 2019, the Group’s order book stood at a high of $14.1b, of which $4.2b is expected to be delivered in the remaining months of 2019. The Group announced a combined value of $2.1b new contracts for the Aerospace and Electronics sectors. $1.3b was from the Aerospace sector for services ranging from a 10-year heavy maintenance support for a major North American operator’s entire fleet of A300s and Boeing 757 and component support for new African and European airline customers. The Electronics sector received $818m worth of contracts from global customers for its mobility, satellite communications, Internet of Things, cybersecurity, public safety and security, and defence solutions. In addition to the above new wins, the Land Systems sector hit a major milestone with its first seaport contract to supply 80 automated guided vehicles to Singapore’s container port operator, PSA Corporation. The Marine sector was selected by Naval Sea Systems Command for a Phase One Preliminary/Contract design for the National Oceanic and Atmospheric Administration AGOR Variant, and the U.S. Navy exercised the option for the first of four Auxiliary Personnel Lighter (APL(S)) berthing barges, bringing the total number of APL(S) berthing barges to be constructed at the Group’s U.S. shipyard to three. Significant Updates in April 2019 The Group has completed the acquisition of MRA Systemsii, LLC at a net consideration of about US$506m (approximately S$683m) on 18 April 2019 and is now focused on integrating the business with the Aerospace sector. On 24 April 2019, the Group announced that the U.S. Department of the Navy has awarded its U.S. shipyard the Polar Security Cutter (PSC) contractiii. The contract includes options which, if exercised, would bring the cumulative value of this contract to about US$1.9b (about S$2.6b). The first PSC is expected to be delivered in 2024. *** Page 3 ST Engineering is a global technology, defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. The Group employs about 22,000 people across offices in Asia, the Americas, Europe and the Middle East, serving customers in the defence, government and commercial segments in more than 100 countries. With more than 500 smart city projects across 70 cities in its track record, the Group continues to help transform cities through its suite of Smart Mobility, Smart Security and Smart Environment solutions. Headquartered in Singapore, ST Engineering reported revenue of $6.7b in FY2018 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, SGX ESG Transparency Index and SGX ESG Leaders Index. For further enquiries, please contact: Lina Poa Head, Corporate Communications & Investor Relations Tel: (65) 6722 1883 Email: [email protected] Sylvia Lee Manager, Investor Relations Tel: (65) 6722 1849 Email: [email protected] i http://www.stengg.com/en/newsroom/news-releases/st-engineering-positions-for-growth-in-satcom- market-with-offer-to-acquire-newtec-for-250m/ ii http://www.stengg.com/en/newsroom/news-releases/st-engineering-completes-acquisition-of-mra- systems-llc/ iii http://www.stengg.com/en/newsroom/news-releases/st-engineering-secures-up-to-s-26b-polar- security-cutter-contract-from-the-us-navy/ Page 4 FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED 31 MARCH 2019 TABLE OF CONTENTS Paragraph Description Page FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT 1 – 22 1 CONSOLIDATED INCOME STATEMENT 1 – 3 2 BALANCE SHEETS 4 – 6 3 CONSOLIDATED STATEMENT OF CASH FLOWS 7 – 9 4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 9 5 STATEMENT OF CHANGES IN EQUITY 10 – 14 6 AUDIT 14 7 AUDITORS’ REPORT 14 8 ACCOUNTING POLICIES 14 9 CHANGES IN ACCOUNTING POLICIES 14 10 REVIEW OF GROUP PERFORMANCE 15 – 16 11 VARIANCE FROM PROSPECTS STATEMENT 17 12 PROSPECTS 17 13 DIVIDENDS 17 14 BUSINESS SEGMENTAL INFORMATION 18 – 20 15 INTERESTED PERSON TRANSACTIONS 21 16 CONFIRMATION BY THE BOARD 21 17 CONFIRMATION OF DIRECTORS AND EXECUTIVE OFFICERS’ 22 UNDERTAKINGS PURSUANT TO LISTING RULE 720(1) SINGAPORE TECHNOLOGIES ENGINEERING LTD UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2019 1 CONSOLIDATED INCOME STATEMENT FOR THE FIRST QUARTER ENDED 31 MARCH 2019 GROUP 1Q2019 1Q2018 +/(-) $'000 $'000 % Revenue 1,731,305 1,646,564 5.1 Cost of sales (1,382,544) (1,320,657) 4.7 Gross profit 348,761 325,907 7.0 Distribution and selling expenses (46,616) (49,375) (5.6) Administrative expenses (133,414) (122,207) 9.2 Other operating expenses (refer to para 1.6) (26,843) (32,204) (16.6) Earnings before interest and tax 141,888 122,121 16.2 Other income 10,185 13,705 (25.7) Other expenses - (5,076) (100.0) Other income, net (refer to para 1.7) 10,185 8,629 18.0 Finance income 8,048 15,068 (46.6) Finance costs (8,962) (17,261) (48.1) Finance costs, net (refer to para 1.2) (914) (2,193) (58.3) Share of results of associates and joint ventures, net of tax (refer to para 1.8) 8,783 15,424 (43.1) Profit before taxation 159,942 143,981 11.1 Taxation (26,016) (23,949) 8.6 Profit after taxation 133,926 120,032 11.6 Attributable to: Shareholders of the Company 131,121 117,695 11.4 Non-controlling interests 2,805 2,337 20.0 133,926 120,032 11.6 Page 1 of 22 1(a) BREAKDOWN AND EXPLANATORY NOTES TO CONSOLIDATED INCOME STATEMENT GROUP 1Q2019 1Q2018 +/(-) $'000 $'000 % 1.1 Earnings before interest and tax is arrived at after charging the following: Depreciation and amortisation 75,417 57,185 31.9 The higher depreciation and amortisation in 1Q2019 was mainly attributable to the depreciation of right-of- use assets following the adoption of Singapore Financial Reporting Standards (International) (SFRS(I)) 16 - Leases on 1 January 2019. Impairment loss on trade receivables and contract assets 434 989 (56.1) The lower impairment loss in 1Q2019 was due mainly to lower impairment loss from Aerospace and Electronics sectors, partially offset by higher impairment loss from Land Systems and Marine sectors. Allowance for inventory obsolescence, net 10,482 10,625 (1.3) The allowance for inventory obsolescence in 1Q2019 was largely similar to 1Q2018.
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